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operating costs in the fourth quarter increased 15 percent
from a year earlier due to rehabilitation work at the 777
Mine and higher production costs at the Lalor
gold-zinc-copper project in Manitoba, but HudBay said it
expects Lalor costs to decrease in the second half of this
year when the project is commissioned and the production
rate is doubled.
Reed copper project in Manitoba is on track to reach
commercial production by the second quarter of 2014, while
the Constancia copper project in Peru also is on schedule
to begin pre-stripping late in the first quarter of 2014
and commercial production in the second quarter of 2015.
Constancias development was more than 56-percent
complete as of Dec. 31.
The company also
outlined its plans to acquire the outstanding common shares
of Vancouver, British Columbia-based Augusta Resource Corp.
amm.com, Feb. 12) as part of "the next phase
of HudBays growth." The company already owns a
16-percent stake in Augusta, which operates the undeveloped
Rosemont copper project in southern Arizona.
Augustas Rosemont project as an attractive complement
to our existing portfolio of high-quality, long-life assets
that fits well with our construction timeline at
Constancia," HudBay president and chief executive officer
David Garofalo said in a statement.
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Every month American Metal Market takes a statistical look inside the marketplace.
June 20-21, 2013
The decline in scrap the last two months is putting pressure on domestic mills for price relief on rebar. The mills have not yet caved to the pressure.
--U.S. rebar buyer